Global Bio-Based Polyurethane Market - Segmented by Product Type, Application and Geography - Growth, Trends and Forecasts (2018 - 2023)
The bio-based polyurethane market is estimated to register a CAGR of 6.01%, during the forecast period (2018 - 2023). Asia Pacific is anticipated to lead the market, accounting for the largest share of the global market, supported by the ongoing growth in the construction, and furniture industries. Construction industry was found to be the highest revenue contributing application segment.
Alternative for Petroleum-based Polyurethane
Petroleum-based polymers are extremely resistant to natural decomposition and they tend to damage the ecosystem. The lack of biodegradability, environmental concerns, and the depletion of oil, has promoted research to develop the bio-based polymers, such as bio-based polyurethane as an alternative to the petroleum- based polymers. The bio-based polyurethanes are environment-friendly and find applications in various industries, such as transportation, packaging, construction, textile, etc., where construction is the largest end-user application for bio-based polyurethane. The ability of these materials to replace petroleum-based polyurethanes is to drive the market through the forecast period.
Construction Industry to Dominate in Terms of Consumption
One of the exceptional form of bio-based polyurethane is in rigid foam, which has exclusive insulating properties making it an attractive option for walls and roofs of new homes and remodeling of an existing home. The rising concerns over emission of greenhouse gases, rapid depletion of fossil fuel, and stringent regulations on monitoring of CO2 footprint are forcing construction industry to choose more green options. The physical properties of bio-based polyurethane are amazingly similar to the traditional polyurethane made from crude oil. The continuous investments and favorable government regulations are to drive the market for bio-based polyurethane in the dynamic construction markets of Asia Pacific and Middle East region.
Asia Pacific to Lead among Other Regions
Asia Pacific is the largest producer of bio-based polyurethane with high abundance of synthetic di isocyanates and large number of bio-based polyurethane in the region. The region accounted for around 56% of global production of furniture followed by Europe (26%), the United States (14%) in the year 2015, reflecting the dynamic behavior of Asia’s economy, demographics and population growth. The emerging construction markets, such as India, Indonesia, the Philippines, and Vietnam are coming up with PPPs and construction projects. These countries are seeking to bring in international firms with relevant technical expertise in construction industry, which is to drive the market for bio-based polyurethane market in the region.
Major Players: BASF SE, Dow Chemical, Covestro, Mitsui Chemicals, Huntsman, amongst others.
Reasons to Purchase this Report
To understand the impact of increasing stringent regulations on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the trend of end-user industries with application of bio-based polyurethanes
Countries expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.